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Strix has released a trading update for the six months to June (H1 24) confirming that trading remains in line with expectations (Zeus FY24e PBT: £24.2m). Cash generation in the period has been strong and follows an exceptional performance in FY23, where management converted over 100% of EBITDA into operating cash flow. Net debt is now comfortably below 2.0x and Zeus forecast it to reach 1.7x by year end. Leverage risk has materially reduced in the last six to eight months and gearing could reac
Companies: Strix Group PLC
Zeus Capital
Smith News’ H124 results highlighted the robustness of the underlying business, but also revealed the success that management is achieving in creating long-term shareholder value. For example, 74% of revenue is now contracted until 2029, the recent refinancing saves costs and removes the dividend restriction, and the organic growth initiatives are gaining significant momentum. Furthermore, the revised capital allocation policy raises the possibility that modest, self-funded M&A could add further
Companies: Smiths News PLC
Edison
Judges Scientific is a group focused on acquiring and developing companies in the scientific instrument sector. As alluded to at the time of the AGM in May, subdued order intake, notably in China / Hong Kong, has persisted, with H1 organic order intake decreasing 4% in H1 (against H1-23 +14%). This, along with ‘some significant projects being delayed into H2 or 2025’, has translated to H1 organic revenue growth of -3%, the impact of which results in an estimated H1 YoY decrease in adjusted basic
Companies: Judges Scientific plc
Forterra has indicated that recent industry-wide data showing declines in brick deliveries as a result of lower housebuilding volumes is likely to impact its expected FY23 volumes, leading the group to moderate current year guidance for revenue and PBT. Forterra has responded by outlining further steps to align production with demand, but notes that heightened political focus on increasing housing supply reinforces its long-term confidence.
Companies: Forterra Plc
Progressive Equity Research
SDI Group’s trading update for the year ended 30 April 2024 is in line with current guidance for FY24, with good momentum heading into FY25. This reflects the hands-on approach under the new CEO, addressing short-term issues that had led to underperformance in some businesses. The underlying portfolio performed well in terms of profitability and cash generation, with improved trading in a number of businesses. The increased cashflow in H2 and significant headroom within its banking facilities le
Companies: SDI Group plc
Today’s AGM statement reaffirms Forterra’s FY24E guidance despite a continuation of ‘challenging’ conditions, made worse by record rainfall. The group expects a greater H2 weighting than previously guided, but has seen improved demand for front-end housebuilding materials, including foundations products. This tallies with our belief that housebuilders have re-entered the land market and plan to increase production as early as Q2.
Shore Capital